Illinois General Assembly

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 Bill Status of HB5413  98th General Assembly


Short Description:  INC TX-PRODUCTION CREDIT

House Sponsors
Rep. Dennis M. Reboletti and Laura Fine

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

Actions 
DateChamber Action
  2/11/2014HouseFiled with the Clerk by Rep. Dennis M. Reboletti
  2/11/2014HouseFirst Reading
  2/11/2014HouseReferred to Rules Committee
  3/13/2014HouseAssigned to Revenue & Finance Committee
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  4/1/2014HouseAdded Co-Sponsor Rep. Laura Fine
  12/3/2014HouseSession Sine Die

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